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INTERNATIONAL PAPER News Release International Paper Reports First Quarter 2021 Results MEMPHIS , Tenn . - April 29 , 2021 – International Paper ( NYSE : IP ) today reported first quarter 2021 financial results . FIRST QUARTER 2021 HIGHLIGHTS • • First quarter net earnings ( loss ) attributable to International Paper of $ 349 million ( $ 0.88 per diluted share ) , compared with $ 153 million ( $ 0.39 per diluted share ) in the fourth quarter of 2020 and $ ( 141 ) million ( $ ( 0.36 ) per diluted share ) in the first quarter of 2020. First quarter 2020 net earnings included an after - tax charge of $ 337 million ( $ 0.85 per diluted share ) for the impairment of the net assets and write - off of foreign currency translation adjustment following the announcement of the sale of our Brazil Packaging business . First quarter adjusted operating earnings * ( non - GAAP ) of $ 299 million ( $ 0.76 per diluted share ) compared with $ 296 million ( $ 0.75 per diluted share ) in the fourth quarter of 2020 and $ 226 million ( $ 0.57 per diluted share ) in the first quarter of 2020. First quarter 2021 adjusted operating earnings * include a pre - tax earnings impact of $ ( 80 ) million ( $ ( 0.15 ) per diluted share ) related to the winter storm in the U.S. First quarter cash provided by operations of $ 512 million compared with $ 649 million in the same period of 2020 Returned $ 331 million to shareholders through dividends of $ 202 million and share repurchases of $ 129 million Reduced debt by $ 108 million Monetized approximately $ 400 million of investment in Graphic Packaging bringing our ownership to 7.4 % " International Paper delivered solid earnings and strong cash generation in the first quarter , " said Mark Sutton , Chairman and Chief Executive Officer . “ Operationally , we performed well to mitigate the significant impact of the winter storm and support strong customer demand in our packaging business . Looking ahead , we see momentum continuing to build in our three businesses . We expect continued strong demand for corrugated packaging and absorbent pulp , and we're seeing a much better supply / demand backdrop for printing papers , all of which contributes to a more favorable outlook in 2021. " Sutton added , " I am mindful that we are still in the midst of a global pandemic . The health and safety of our employees remains our most important responsibility and I appreciate their commitment to take care of each other and our customers . ” Diluted Net EPS Attributable to International Paper Shareholders and Adjusted Operating EPS * Net Earnings ( Loss ) Attributable to International Paper Add Back - Non - Operating Pension Expense ( Income ) Add Back - Net Special Items Expense ( Income ) Adjusted Operating Earnings * First Fourth First Quarter Quarter Quarter 2021 2020 2020 $ 0.88 $ 0.39 $ ( 0.36 ) ( 0.10 ) ( 0.02 ) ( 0.02 ) 0.38 ( 0.01 ) 0.94 $ 0.76 $ 0.75 $ 0.57 Adjusted operating earnings ( non - GAAP ) is defined as net earnings attributable to International Paper Company ( GAAP ) excluding net special items and non - operating pension expense ( income ) . Management uses this measure to focus on on- going operations , and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present consolidated operating results . For discussion of net special items and non - operating pension expense ( income ) , see the disclosure under Effects of Net Special Items and Consolidated Statement of Operations and related notes included later in this release .